Hazelnut pricing continues to be driven by the growing view that new crop will be smaller than current crop, and while sales of hazelnuts have also been disrupted by lock downs etc, this doesn’t alter the fact that a smaller production equals a squeeze on supply.
Although California is (so far at least) expecting another good new crop, steady demand over May has seen prices up on the lows seen in the run up to the start of, and during lock down in the U.S.
The first official estimate of the Turkish new crop from Malatya has been announced at 85,000mts. This is below last years’ crop, albeit that this number does not include the additional tonnage now growing and coming from the neighbouring provinces.
Mark Setterfield – June 2020